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Provider of pre-trade risk and post-trade processing solutions Traiana, part of ICAP plc (LON:IAP), and Trax, a provider of capital market data, trade matching and regulatory reporting services, today announce that they have formed a business alliance to offer the industry an interoperable Repurchase Agreement (repo) matching service.

The new offering is set to support efficient, automated, operational processes ahead of significant regulatory change.

The partnership provides the ability for buy and sell-side clients of both Trax and Traiana to confirm and match repo transactions with one another, thus establishing an expanded community of users and matching counterparties, through a shared access to an automated electronic service operated by Trax.

The service will leverage Trax’s existing repo matching technology, along with each of Trax and Traiana’s exception management cross asset portals to centrally match each submitted repo transaction among the broad community of buy- and sell-side clients of both firms. Matching statuses are communicated and additionally, each respective client is able to constantly manage often-complex lifecycle events.

At present, repo transactions are mainly confirmed manually, with exceptions typically caught in the settlement process. However, this practice creates unnecessary risk and often leads to higher costs. By offering an interoperable service that automates the post-trade confirmation and matching process, the broader industry is set to benefit from reduced risks and cost savings.

Camille McKelvey, Product Management, Trade Matching, Trax said,

“In light of impending regulation impacting the European repo market, both Trax and Traiana recognise the need for the industry to improve its post-trade workflow by automating trade date risk management processes. By doing so, firms will be better positioned to meet their obligation to report securities financing transactions to a trade repository as required in the Securities Financing Transaction Regulation (SFTR). ”

Laura Craft, Director, Securities Product Strategy, Traiana, said,

“We are delighted to be working with Trax to bring an interoperable repo matching solution to the market. We have listened and responded to industry demands, led by the ICMA European Repo and Collateral Council Operations Group. This latest solution underlines Traiana’s cross asset post trade strategy, enabling our clients to gain even greater operational efficiency across securities financing.”

You can view the official announcement on the collaboration by clicking here.

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